Friday, February 28, 2020

West Loop condo median price $460,000 in 2019

Views from the common roof deck at 728 West Jackson in West Loop (all photos Eric Rojas, Broker, Kale Realty). We've started the year off spending a lot of time in the popular, red hot neighborhood.
An astounding 848 condos (attached units) sold over 2019 in the West Loop neighborhood of the Near West Side. The median price of a sold condo is about $460,000.  This puts you in solid two bedrooms, two bathrooms with a parking spot range.  890 condos sold over 2018 with a median price about $470,000.

71 condos have closed this year (January 1st to February 27th) with a median price of $415,000 so far. At the moment 175 condos are listed for sale this early spring with a median asking price of about $499,900.

We have a current renovation underway in West Loop. The one 1400 sq/ft one bedroom loft will hit the market next month.  The West Loop of my youth was know for industrial lofts and rave parties. New construction condos and top flight retail and dining are the story today.
My clients are looking for a three bedrooms unit.  Well... 167 three bedrooms units sold over 2019 with a median price of $885,000 😬

New construction condos are the real story of West loop over the past five to ten years.  Construction and prices really took off about five years ago. 

Pre- construction condos advertise "Private Elevator Residences 4&5 Bedroom + Den $1.2M to $3.3M" 

Top rate retail, services and amenities surround condos in the West Loop. I swung by the Mariano's for a ready made sandwich and quick groceries after visiting our renovation project. I had my pick of Whole Foods, Mariano's, H-Mart and various small markets all within a few blocks of my location. 

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